Company Overview - The original major shareholder CPE has reached a series of agreements to sell approximately 51.329 million shares, representing 21.77% of the company's total issued shares (excluding treasury shares), and will no longer be a major shareholder after the completion of this series of transactions [1][2] - The investors involved in this transaction include foreign long-term healthcare funds, strategic investment funds for technological innovation, leading international long-term funds, and high-quality international hedge funds [1] Comments on Shareholder Structure - The exit of CPE and the introduction of international long-term capital are expected to optimize the shareholder structure and improve market liquidity [2] - The entry of high-quality international investors is anticipated to bring rich industry resources and an international perspective, injecting new momentum into the company's business expansion and innovation [2] Business Performance - For the period from January to May 2025, the company reported a more than 20% year-on-year increase in both equity consumption and net consumption [2] - By business segment, the beauty and wellness sector grew by over 20%, medical beauty increased by 10%, and sub-health medical services surged by over 50% [2] - The integration of the acquired company Nairui is progressing smoothly, which is expected to enhance operational efficiency and improve profit margins [2] Growth Strategy - The company is focusing on a "dual beauty + dual wellness" model for synergistic development, with a positive outlook on growth driven by both internal and external factors [2] - Internally, the company is optimizing single-store operational efficiency and increasing the penetration rate of value-added services [2] - Externally, the successful integration of Nairui is expected to continue expanding membership assets and national layout through acquisitions [2] Management Incentives and Profit Distribution - The company has introduced equity incentives for the management team, with performance targets covering revenue and profit for the next three years [3] - A long-term shareholder return mechanism has been established, with plans to allocate no less than 50% of annual net profit attributable to shareholders for dividends from 2025 to 2027 [3] Profit Forecast and Valuation - The profit forecast for 2025-2026 remains unchanged, with the current stock price corresponding to a P/E ratio of 22x for 2025 and 20x for 2026 based on net profit excluding non-recurring items [3] - The target price has been raised by 68% to HKD 37, corresponding to a P/E ratio of 27x for 2025 and 24x for 2026, indicating a 22% upside potential [3]
美丽田园医疗健康(02373.HK)：股东结构优化落地 看好美丽健康龙头价值提升